Jim Chalmers has met with China’s Finance Minister Liu Kun, the primary Australian Treasurer in 4 years to have a gathering with their Chinese counterpart.
The pair met on the sidelines of the G20 assembly of finance ministers and central financial institution governors within the Indian metropolis of Gandhinagar.
The pair mentioned the worldwide and home financial outlooks through the bilateral assembly on Tuesday.
“A more stable relationship between Australia and China is in the best interests of both nations,” Dr Chalmers stated.
“This is about re-establishing a dialogue that hasn’t existed for more than four years.
“As the Prime Minister and the Foreign Minister have said numerous times – dialogue is key.
“I’ve had a productive and promising discussion with my counterpart Liu Kun here in India today.
“In stabilising our relationship, today we made some good progress.”
Earlier in an interview with Bloomberg Dr Chalmers stated Australia – together with different international locations – was intently watching the Chinese financial system which is displaying indicators of slowing down.
“It has a substantial impact on how we see prospects for the global economy, and we have been monitoring very closely – as everybody here has – some of that softer data out of China,” he stated.
But Dr Chalmers wouldn’t touch upon if Australia may face a recession if China’s financial system doesn’t choose up.
“I don’t want to speculate about that. Clearly, the last couple of pieces of Chinese data have been softer than people anticipated and that is a cause for concern,” he stated.
“We haven’t revised our forecasts for our economy, but we are monitoring developments in China very, very closely.”
Both the Treasury and the Reserve Bank are forecasting the financial system to proceed to develop, “but really quite slowly”, Dr Chalmers stated.
“The challenges in the global economy are substantial,” he stated.
“We expect the slowdown in our own economy as a consequence of that to be significant. But both of those institutions are forecasting relatively flat growth but growth.”
Source: www.perthnow.com.au
